Shipping Corp of India (SCI) has secured a one-year time charter for one of its VLGCs at a rate that shows period charters are holding up despite a glum spot market.
Shipbrokers said compatriot Indian Oil Corp has chartered the veteran 82,000-cbm LPG carrier Nanda Devi (built 2001) for $35,000 per day, or $1.05m per month.
The rate for the ship, which SCI bought for $36m from Oslo-listed BW LPG in July 2017, is unchanged from levels seen for one-year charters of VLGCs in November last year — before the spot market crashed.
